Microsoft Office Tutorials and References
In Depth Information
Using YEARFRAC, DATEDIF, or DAYS to Calculate Elapsed Time
If basisis 2, the actual number of elapsed days is divided by 360.
If someone would show up and work for 30 years straight for one em-
ployer, this method would give that person an extra 0.43 years of
credit. Sisogenes would be spinning in his grave.
If basisis 3, the actual number of elapsed days is divided by 365.
This works great for three out of every four years. It is slightly
wrong in leap years.
If basisis 4, Excel uses a 30/360 plan, modified for European use.
This is similar to the default basisof 0. In this plan, the employee
gets no credit for working any 31st of the month. The employee still
gets triple credit for working March 1 (to make up for the 29th and
30th of February). In a leap year, March 1 is worth only double
credit.
Figure 11.44.
Figure 11.44. If your benefits package includes information about complete
If your benefits package includes information about complete
months, then
months, then YEARFRAC
YEARFRAC with a
with a basis
basis value of
value of 0 works best. Otherwise, a
works best. Otherwise, a
basis
basis value of
value of 1 is the most accurate.
is the most accurate.
Search JabSto ::




Custom Search